Contented Cowboys

Updated Aug. 17, 2005 12:01 a.m. ET

One popular myth peddled by the left on both sides of the Atlantic is that the U.S. is gripped by fear: Rampant crime supposedly makes life intolerably dangerous while the nation needlessly panics about terrorism.

"Cowboy capitalism" has people allegedly worried sick about losing their jobs and how to make ends meet. According to a recent cover story in Germany's weekly Der Spiegel, Chinese competition has now "plunged...